2016 Year in Review: Shimon Shkury, Ariel Property Advisors
Shimon Shkury, Ariel Property AdvisorsName & Title: Shimon Shkury, President
Company Name: Ariel Property Advisors
What project, transaction, market trend or product had the greatest impact on your industry this year?
Over the past year, balance sheet lenders have become more conservative, resulting in a tighter financing market. Because of this, the market is being driven by equity as opposed to debt, and many investors have begun to fill the void traditionally occupied by banks. We haven’t necessarily seen a dramatic change in overall pricing due to this trend, but we have seen lower transaction volume in the development market in particular. While this should start to ease with the recently announced resolution of the 421-a abatement, the market for luxury residential apartments and the trajectory of interest rates loom large.